Financial Authority Chairman Unveils School Scam Details
An international school located in the First Settlement area of New Cairo fell into a widespread scam. It obtained financing totaling 319 million Egyptian pounds from a consumer finance company, without the knowledge of the parents. A total of 839 financing contracts were issued in favor of 619 clients. This negatively impacted the credit ratings of the parents, as it was revealed that the school owed money to the company and was receiving the financing and payments from them secretly. Financial authorities began an investigation after detecting the incident. They confirmed that all debts have been canceled and emphasized the need to strengthen procedures for verifying customer identities and ownership of identities and the technologies used. A two-month deadline was granted to the financing companies to correct their systems.
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